The union government can lift the administrative control over petrol and diesel. The final decision would depend on the crude oil prices in the international market for at least two months. The crude oil prices are fluctuating at $40-$45 as of now. If the present trend continues till February, there are maximum chances of lifting the administrative control over petrol and diesel.    

It is recalled that the government had freed petrol and diesel prices from administrative control in April 2002, paving a way for retailers to adjust prices according to the fluctuation in crude prices in the market. But the decision was rolled back in 2004 when crude oil rose to $37 a barrel.

Oil & Natural Gas Corporation, the

Union government has allowed OVL, foreign subsidiary of ONGC, to go for the acquisition of UK-listed Imperial Energy at the original prices of $2.5-billion. The deal was approved by the government in August when it allowed OVL to participate in the bidding process for the acquisition of Imperial Energy.

Oil and Natural Gas Corporation (ONGC) is trying hard to acquire Imperial Energy for $2.1 billion in the stipulated period. However, there are fewer chances to complete the process in time as 90 per cent of the investors are unlikely to tender their shares within the required time limit.  

Washington  - US president-elect B

New Delhi, Dec. 9 : The Union Government has given the signal to the state-run oil company, Oil and Natural Gas Corporation(Videsh) Limited (ONGC) to make a formal offer for acquiring 100 per cent equity in the UK-listed Imperial Energy.

A special meeting of the Cabinet Committee on Economic Affairs (CCEA) was convened to consider the Imperial bid here today.